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Yes, in some cases. For example:The Federal Financial Institutions Examination Council (the "FFIEC") approved a reporting requirement, effective October 1, 1989, to use push down accounting in certain acquisitions of national banks, state member banks and insured state nonmember banks. This reporting requirement is an addition to the Glossary to the Instructions to the Consolidated Reports of Condition and Income ("Call Report") .
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Is push down accounting accepted under International Financial Reporting Standards?
Push down accounting is not acceptable under IFRS.
Is Mark to Market accounting accepted under generally accepted accounting principle?
no, it only accepts it once we take up fair values not the fair market values bcz somtimes market under value a perticular asset
The Governmental Accounting Standards Board was created under the auspices of what organization?
The Governmental Accounting Standards Board was created under the auspices of the Financial Accounting Foundation.
What is economic entity assumption?
Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity. Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity.
What generally accepted accounting principles are designated under Category A in the GAAP hierarchy?
Category A consists of the following officially established accounting principles: (1) FASB Statements of Financial Accounting Standards, (2) FASB Interpretations, (3) APB Opinions, and (4) AICPA Accounting Research Bulletins.
When was the Governmental Accounting Standards Board established?
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
What generally accepted accounting principles are designated under Category B in the GAAP?
Category B consists of (1) FASB Technical Bulletins and, if cleared by the FASB, (2) AICPA Statements of Position and (3) AICPA Industry Audit and Accounting Guides.
What is the function of International Accounting Standards Board?
The function of the International Accounting Standards Board is to oversee the doings of Accountants and businesses worldwide. The Board handles the functions of in house police over companies and individuals that come under their purview.
What importance is accorded intellectual capital by generally accepted accounting principles?
such accounts as patents, copyrights, franchises, and goodwill appeared under the intangible assets balance sheet caption, in the instances where the company purchased such assets from other entities
What generally accepted accounting principles are designated under Category C in the GAAP hierarchy?
Category C consists of (1) AcSEC Practice Bulletins that have been cleared by the FASB and (2) consensus positions of the FASB Emerging Issues Task Force (EITF).
How can long service leave be classified as non current?
Under Generally Accepted Accounting Principles, the term Current usually refers to the next twelve months. Any thing that has a "life" over that time period, is considered Long-term, (or Non-Current).
What is a delay of recognition of an expense already paid or of a revenue already received is?
Delay of recognition is an accounting term that refers to the practice of delaying the reporting of an expense or revenue until a later reporting period. The accounting industry has developed certain standard and acceptable accounting practices that businesses should follow. Under an audit, the accountant can determine whether the company is following the standards, or is using misleading accounting practices, in violation of the standards. According to an alert issued by the AICPA, (American Institute of Certified Public Accountants) "A substantial portion of litigation against accounting firms and a number of SEC Accounting and Auditing Enforcement Releases involve revenue recognition issues. Many of these issues result from alleged improper accounting treatment of sales recorded in the ordinary course of a client's business. Such improper accounting treatment ranges from allegedly stretching the accounting rules to falsifying sales in an effort to manage earnings." While there can be an accepted use of this practice, the manager has to be very careful to follow the proper standards when he decides when to use the delay method.
